February 12, 2020 / 9:19 AM / 2 months ago

Turkey's BIM buys 85% of goods from Morocco for stores there - CFO

ISTANBUL, Feb 12 (Reuters) - Turkey’s discount retailer BIM procures most goods locally in Morocco for its stores there, company chief financial officer Haluk Dortluoglu said on Wednesday, after Rabat demanded it lift the proportion of local goods to a half or face closure.

“We are sending only around 15% of our products sold in Morocco from Turkey. The rest, 85% are bought from local producers,” Dortluoglu told Reuters.

Morocco said it asked Turkish retailer BIM to raise the proportion of local goods it sells in the country to at least half or face a shutdown, the trade minister said, as it reviews a free trade deal it struck with Turkey in 2004.

BIM employs around 3,000 people in Morocco, almost all of them Moroccan, Dortluoglu also said. The 500 stores in the country constitute around 5% of its total revenue.

The company recorded 29.7 billion lira ($4.93 billion)revenue in the first nine months of 2019, according to the retailer’s latest financial reports. The shares of BIM traded flat at 47.92 lira per share at 0843 GMT.

“We have increased purchase from local producers in Morocco over time and will continue to do so.” ($1 = 6.0267 liras) (Reporting by Ceyda Caglayan Writing by Ezgi Erkoyun Editing by Dominic Evans)

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